Vertical dwelling has by no means been excessive on the procuring listing for Southern California’s rich set. However a brand new wave of luxurious developments is drawing the wealthy out of single-family properties and into the sky.
The newest instance simply closed in West Hollywood, the place a penthouse apartment has traded arms for $21.5 million. That’s the priciest apartment sale in L.A. County to date this yr, and the fourth most costly the county has ever seen.
It’s straightforward to see the enchantment, even for staunch supporters of single-family dwelling. The unit covers 6,301 sq. ft — greater than the overwhelming majority of stand-alone properties — and for out of doors area, there’s a 2,782-square-foot wraparound terrace overlooking L.A.
The penthouse spans the whole 10th flooring of the Pendry Residences West Hollywood, a hotel-condo hybrid opened by Montage Accommodations & Resorts. It was bought as a design-ready unit, which means the client will be capable to select the structure and design.
Constructed on the previous web site of the Home of Blues, the $500-million complicated has already set a number of data, together with a 2,681-square-foot unit that bought final yr for $13 million. That shakes out to $4,848 per sq. foot, which is by far the best value per sq. foot within the historical past of L.A. apartment gross sales. (The newest Pendry sale works out to $3,412 a sq. foot.)
Pendry’s assortment consists of 40 personal residences. To date, about 50% have been bought.
The blockbuster sale signifies a renewed curiosity in luxurious high-rise dwelling, which took a serious hit in the course of the pandemic when shared facilities resembling swimming pools and elevators instantly grew to become a security hazard.
To date this yr, there have been 27 apartment gross sales north of $5 million in L.A. County, in keeping with the A number of Itemizing Service. The identical stretch final yr noticed simply 14 gross sales above $5 million. Within the first half of 2020, there have been solely 5.
That curiosity has carried throughout all sections of the market, not simply the posh facet. Within the second quarter of 2022, the median apartment sale value was $640,000, up $20,000 in contrast with the identical stretch final yr, in keeping with knowledge from Sotheby’s Worldwide Realty.
Condos are additionally promoting faster, lasting a mean of 27 days available on the market within the second quarter of this yr in contrast with a mean of 34 days throughout the identical stretch final yr.
At $21.5 million, it’s the highest-priced apartment sale since Matthew Perry unloaded his 9,300-square-foot “mansion within the sky” for $21.6 million in Century Metropolis’s Century Tower final summer season. The all-time report belongs to socialite Sweet Spelling, who dropped $35 million on a 15,555-square-foot unit in the identical constructing full with two tales and a personal pool.
Taaseen Qureshi of PowerPlay represented Pendry within the $21.5-million sale. Molly Williams of the Hobin Firm represented the client.